27 Apr 2015
DAX: Gains capped by Deutsche Bank
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened the week on a firmer note with a positive gap of 84 points, however, the gains were quickly washed out as impending Greece concerns and tumbling Deutsche bank stock dragged the index lower.
Currently, the DAX 30 trades higher by 0.36% at 11859 levels, retreating from 11905 session highs. The DAX capped upside after index heavy weight – Deutsche bank revised its profitability goal lower for 2016 and also downgraded its medium term target which dampened investors’ sentiments.
The index is seen trading with a negative market breadth, the advance-decline ratio being 11:19. Volkswagen is the top gainer up 2.90%, followed by Deutsche Lufthansa gaining 2.25%. On the losing end, Deutsche Bank AG is down -4.22%. While, E.ON SE is down nearly -1.30%.
DAX Technical Levels
The index has an immediate resistance at 12k. Meanwhile, support is seen at 11618 levels and 11480 levels.
Currently, the DAX 30 trades higher by 0.36% at 11859 levels, retreating from 11905 session highs. The DAX capped upside after index heavy weight – Deutsche bank revised its profitability goal lower for 2016 and also downgraded its medium term target which dampened investors’ sentiments.
The index is seen trading with a negative market breadth, the advance-decline ratio being 11:19. Volkswagen is the top gainer up 2.90%, followed by Deutsche Lufthansa gaining 2.25%. On the losing end, Deutsche Bank AG is down -4.22%. While, E.ON SE is down nearly -1.30%.
DAX Technical Levels
The index has an immediate resistance at 12k. Meanwhile, support is seen at 11618 levels and 11480 levels.